(Ownership Dispute/Litigation)

Court-Appointed Provisional Director (Ownership Dispute/Litigation)$11,000,000 Scrap Metal Processor/DealerSituation: This company generated an impressive volume but lost money because of poor controls. The business defaulted on a $1.2 million secured loan. A secured lender sought the appointment of a Receiver to see if the business could be salvaged. Robert P. Mosier was appointed Receiver.
Results: Controls were put in place and the business’ cash flow was stabilized. An investor purchased 49% of the stock with an infusion of cash that (1) paid off the secured debt and (2) preserved tax NOL.
Duration: 6 months. Orange County Superior Court Judge
Robert J. Polis. James McShane, Esq., Sheppard, Mullin,Richter & Hampton, Counsel for Plaintiff; Gary Torpey, Esq.,Counsel for Defendant. Project Coordinator: Craig M. Collins

“Our client was hoping for a solution that would avoid shutting down the company and liquidating the inventory. Mosier & Company gained the confidence of both the lender and the owner as it worked through the solution that got our client paid.”

(Dissolution/Refinance)

Court-Appointed Receiver (Dissolution/Refinance)$35,000,000 Wheel Rim Manufacturer and ImporterSituation: The company defaulted on a $11.0 million secured line of credit. The relationship was contentious: the borrower had previously brought an unsuccessful lender liability action. Robert P. Mosier was appointed Receiver pursuant to the default provisions of a Chapter 11 Plan.
Results: The Receiver sold unneeded inventory and equipment to pay down the loan. The balance of the note was paid by refinancing other properties owned by the Defendant/Debtor.
Duration: 2 years. Los Angeles Superior Court Judge.
Diane Wayne. Clifford Meyer, Esq., of Buchalter, Nemer, Fields & Younger, Counsel for the Bank, Edythe Bronston, Esq., Counsel for the Receiver.

“This was a difficult case with a history of hot tempers, allegations and even threats. Mosier stuck to the agenda through two years of legal maneuvering and ultimately achieved success.”

Edythe Bronston, EsquireCounsel for the Receiver

(Dissolution through Mediation)

Court-Appointed Receiver (Dissolution through Mediation)
$9,000,000 Engineering Firm (Major Public Works)Situation: The firm was forced to close its doors because of contract disputes on major projects. The firm was current on its $600,000 secured line of credit. Robert P. Mosier was appointed Receiver.
Results: Maximized the value of the firm’s FF&E. Collected accounts receivable. Oversaw and settled litigation against several companies that contributed to the firm’s closure. A 99% recovery for the secured creditor, and a release of personal guarantees for the principals.
Duration: 2 yrs. Orange County Superior Court Judge Dennis Choate; Camilla Andrews, Esq., of Ivanjack & Lambirth for Secured Lender. Leonard Schulman, Esq., of Marshack & Schulman for the Company.

“By opting for a Dissolution Receiver (vs. Chapter 7), the Bank was able to (1) recommend Mosier and (2) remain a party to the process along with the owners. Mosier & Company manages the wind-down very successfully including facilitating resolution of a major lawsuit through mediation.”

(Taking Control and Settlement)

Court-Appointed Receiver (Family Court) (Taking Control and Settlement)$27,000,000 Pacific Rim Cable Importing BusinessSituation: A family-owned business (successfully run by one spouse) was caught up in a divorce. When the other spouse attempted to reassert control, the business declined rapidly. Robert P. Mosier was appointed Receiver.
Results: The Receiver selected one spouse to run the business; the other served on the Board with the Receiver. Settlement was achieved by splitting the business: a consumer division to one spouse and the OEM division to the other.
Duration: 6 months. Superior Court Commissioner Sheila Fell; Bruce Hughes, Esq. of Hughes & Hughes and Mark S. Lam, Esq. for the Petitioner; Bertrend Cottle, Esq. for the Respondent. Project Coordinator: Craig M. Collins

“The case involved a Taiwanese couple. The language and cultural barriers made it more challenging. Once Mosier took control of the business, and worked with one party without excluding the other, the matter proceeded to settle in a matter of weeks.”